Can I move house??!!

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sonj77

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Post by sonj77 » Sat Sep 04, 2010 10:37 am
HI EVERYONE. WITH TWO LITTLE GIRLS WHO TAKE UP A LOT OF SPACE, I HAVE FOUND MYSELF LOOKING AT OTHER PROPERTIES. I OWN MY OWN HOME AND HAVE BEEN IN AN IVA FOR 4 YEARS, ONLY ONE MORE REVIEW TO DO! MY QUESTION IF ANYONE CAN HELP IS THAT I KNOW MY HOUSE HAS A HOLD ON IT AS IN IVA TO INFORM IVA COMP IF I SELL BUT WHAT WOULD THE PROCESS BE. AM I ALLOWED TO SELL AND LOOK AT OTHER PROPS. MY HOUSE WILL HAVE LITTLE TO NO EQUITY IN IT AND TO BE HONEST I WOULD BE LOOKING AT GETTING A MORTGAGE FOR SAME. MY MORTGAGE IS WITH NR AND IS PORTABLE. THING IS WOULD THEY JUST PORT IT OR WOULD IT GO THROUGH CREDIT CHECKS AGAIN AND COULD I BE REFUSED. OBVIOUSLY OUR HOUSE WOULD HAVE TO SELL FIRST ANYWAY WHICH WILL BE A MIRACLE CONSIDERING THE MARKET. HAVE SEEN A LOVELY HOUSE THOUGH WHICH IS ABOUT THE RIGHT MONEY, MUCH BIGGER, NEEDS SOME DECORATING BUT COULD LIVE WITH THAT TIL HAVE THE MONEY. CAN ANYONE HELP ME WITH THIS PLEASE?
 
 

IRHR

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Post by IRHR » Sat Sep 04, 2010 11:06 am
I would double check with NR re the mortgage being portable, since their downfall 2 or 3 years ago they have restructured their mortgage provision and some things that would have been available prior to this have changed. We were told by them during our IVA that they are now 2 businesses, one has the lending facility of mortgages for 'low risk' high equity properties, the other is only servicing the mortgage accounts for customers that had a mortgage prior to their collapse and does not operate as a provider, i.e. not able to change or add to the mortgage. Being in an iva up to this year we are part of the business that no longer has the financial licence/authority to offer/provide changes.
I would check carefully with them to make sure your mortgage is still portable
 
 

sonj77

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Post by sonj77 » Sat Sep 04, 2010 11:29 am
thanks for that, to be honest, after speaking to them they said they could only lend us 95% of any mortgage we get. would mean selling my house for top end of market in our estate, cant say that would be poss. shame though. will still go and have a neb at this house just to tease me. always want what cant have. who am i kidding, cant even afford new clothes at min, how am i gonna afford new house. :-(((
 
 

sonj77

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Post by sonj77 » Sat Sep 04, 2010 5:48 pm
FOLLOWING ON FROM BEFORE, IF I SOLD MY HOUSE AND HAD SAY £5000 EQUITY THAT WAS NEEDED FOR NEXT PROPERTY WOULD IVA PEOPLE TAKE IF FROM US OR ALLOW US TO PUT IT ON NEXT HOUSE, NEVER EVEN THOUGHT OF THAT BUT IT JUST POPPED IN HEAD. WE ARE ALREADY PAYING AN EXTRA 6 MONTHS AT END OF PLAN IN LIEU OF EQUITY. NR SAID NOT TO ASSUME THE REMORTGAGE WOULDNT GO THROUGH AS WE ARE EXISTING CUSTOMERS AND THAT CREDIT CHECKS WOULDNT JUST BE IT, IT WOULD GO TO UNDERWRITER. DO PEOPLE THINK IM WASTING MY TIME. THIS HOUSE WOULD BE PERFECT FOR US, FEEL REALLY SAD THAT IM GOING TO MISS IT
 
 

Shining

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Post by Shining » Sat Sep 04, 2010 5:50 pm
I would say don't give up entirely, talk to NR and see what they can do for you but most importantly talk to your IP to see where you stand. If you can't do it right now there will be other opportunities come your way.

I'm desperate to move house as I don't like the area I live in anymore but I know I've got to wait until post IVA...I live for that day x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

plasticdaft

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Post by plasticdaft » Sat Sep 04, 2010 7:25 pm
If you are paying 6 months extra in lieu of equity then I assume that creditors no longer have any interest in the property so if,and its a big if you did sell up,I'd be careful that the income didnt get classed as a windfall and get swallowed up that way instead!!!.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

sonj77

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Post by sonj77 » Sat Sep 04, 2010 7:43 pm
THIS IS WHAT SCARES ME PAUL, AS WHAT WOULD BE THE POINT IN SELLING THEN! WOULDNT GET NEXT PROP AS HAVE TO HAVE 5% DEP AS THEY ONLY LEND 95%. I AM GOING TO SPEAK WITH NR ABOUT GETTING A MORTGAGE IN PRINCIPLE AND IF THAT DOESNT GO THRU THEN NO POINT GOING ANY FURTHER, IF IT DOEST THEN NEXT STEP IS TO RING IP AND IF THATS OK THEN WILL PUT MY HOUSE UP FOR SALE. MAYBE THIS IS JUST TO STRESSFUL AND I WUD BE BETTER JUST WAITING TIL AFTER MAY 2012 WHEN IVA IS GONE!! CANT RISK FAILING IVA NOW WHEN WE HAVE COME THIS FAR X
 
 

plasticdaft

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Post by plasticdaft » Sat Sep 04, 2010 7:48 pm
You may well be better to hold off until the IVA is concluded. I am unsure of NR's stance on mortgages but I dont think they would allow you to port your mortgage to another property at a normal rate of interest unfortunately. Shame that you seem to have found a perfect property just at the wrong time!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

sadie

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Post by sadie » Thu Sep 16, 2010 4:33 pm
Hi, you may well have the answer by now. I work for a major bank lending for mortgages. I would advise you not to move cos even if you are borrowing the same amount you will be subject to a complete review on your circumstances and your IVA will fail the credit check and you will not be able to take even the same amount of money across to the new property. ALthough mortgage products are portable to a new property it is on the basis of your new borrowing being available to you and if it is you are allowed to take the current amount of your mortgage on the existing rate. Please don't sell your house then try to get another mortgage cos it will be declined. I had a customer who had sold hers and was with Payplan and Bank wouldn't redo the original mortgage. Portable makes things confusing as you still have to reapply when you move. If you have an IVA most banks won't do a new mortgage for you.
Sorry to not be positive but what I have said is the way it is
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 16, 2010 9:07 pm
Definately hand on and wait until the IVA is finished - since you are so close to the end in any case.
Regards, Melanie Giles, Insolvency Practitioner
 
 

RHB

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Post by RHB » Fri Sep 17, 2010 4:52 pm
There are plenty more fish in the sea when it comes to houses - no need to rush, there will be other opportunities
 
 

kallis3

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Post by kallis3 » Fri Sep 17, 2010 5:02 pm
You will need to wait until the six years is up and you may well need a sizable deposit.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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